Thursday, November 29, 2007

Bid on a Foreclosure? Hmmmm. Maybe not.

With all the attention in the media about the problems in the mortgage industry, is it time to invest in a Foreclosure?

In a word - no.

Bidding on a home in the process of foreclosure can be a risky financial gamble.


1) Foreclosure is a long process - it takes six months (at least)

2) The total debt (that you inherit if you buy) is often greater than market value

3) Home owners who lose their homes often do real damage before they leave

So - what you may want to consider instead is REO property!

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